Freds tantalized by turkey

Turkey’s low cost of living has attracted the attention of the UK’s newest demographic group…

FREDs are over fifties who are ‘facing retirement earnings doubts,’ and according to the likes of Liverpool Victoria and the Office for National Statistics, this group of around two thirds of all over fifties have very real fears that they will face an impoverished retirement.

With the cost of living in the UK rising so rapidly and with increasing numbers of FREDs still supporting their children because the rate at which the housing market has risen in pricing terms in Britain has priced younger generations out of the market, FREDs have every reason to be concerned about their financial wellbeing in retirement.

According to a UK based research company, the price of a typical basket of 100 grocery items now costs almost 6% more than it did at the start of the year and this week fuel prices in Britain reached their highest ever levels. Leading retailers are reporting that Britain is in a ‘consumer recession’ as fewer people head to the high street and spend, and inflation in April in the UK rose to its highest levels since 2002.

Stretching the pound

All of these factors are contributing to the fears faced by the FREDs, and with ongoing indications of a ‘credit crunch’, the likelihood of a recession in the UK and the fallout from a falling property market, those FREDs who can do so are actively thinking about an overseas retirement where their pension and savings income will go that much further.

According to Julian Walker MD for Turkish property agents Spot Blue: “FREDs are looking at where the pound buys them more and where their relatively limited funds will afford them an attractive and even affluent lifestyle in retirement and prevent them having to continue working past retirement age.

“One country that is proving popular is Turkey. Since the nation began EU accession talks at the same time as a national drive was effected to promote the appeal of the country, the numbers of Britons choosing to relocate to the country has soared, and depending on which statistics you prefer to believe, between 12,000 and 30,000 Brits have now made Turkey their permanent home.”

Attractive cost of living

The appeal of the country - aside from its stunning climate, beautiful natural landscape, rich and diverse history and culture, fantastically friendly people, excellent cuisine and increasingly affordable accessibility - has a great deal to do with the correlation between the cost of living, which is very low, and the standard of living which is very high.

Mr Walker added: “Like many FREDs who have recently moved to Turkey, the cost of living is very attractive and real estate values are rising all the time. Despite these increases, properties are still very affordable making Turkey quite possibly the perfect solution to the financial woes of FREDs who do not want to end up in poverty in retirement”.